Military Power Generators Market to Grow at 3.4% CAGR by 2030
Uninterrupted and reliable sources of power supply are vital for successful military operations. Power generators have application across diverse segments within the military industry. Against this backdrop, Future Market Insights (FMI) foresees lucrative prospects for power generator producers within the military market. Power generators are used for various tactical operations within military agencies. On account of changing landscape, the inclination towards compact and lightweight designs is higher. These generators are touted as advanced equipment that offer robust output at low cost. Driven by the demand for improved fuel efficiency, sales of compact generators are expected to pick up in the coming years.
Efficient and reliable source of power supply is crucial to guarantee successful operations in the military and defense sector. Consequently, the sector has emerged as a lucrative avenue for compact, low-maintenance, and possibly transportable generators that can offer continuous or emergency power supply as required.
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According to FMI, the demand for advanced and fuel-efficient generators will accelerate in the coming years. Increasing budget allocation towards strengthening the defense sector will subsequently aid the expansion of the market.
FMI’s report on the power generator for military market highlights the specific needs of the defense and military sector. It identifies hidden growth opportunities for the market players, besides cautioning them against potential threats.
Some of the key takeaways from the report are:
- Market players are likely to witness attractive growth opportunities as military agencies focus on establishing integrated power systems. This will invariably fuel the demand for generators
- Hybrid generators are likely to comprise an exceptionally lucrative product category. Ensuring environment safety is high on the agenda of military agencies. They are keen on investing in fuel-efficient technologies that will also offer significant cost reduction
- Backed by increasing military spending, North America is forecast to emerge as dominant market for power generators
- While diesel will remain preferred fuel type, tightening environmental laws will boost growth prospects for natural gases as potential sources of fuel
- Demand power generators will remain significantly high in field hospitals and field camps and accommodations
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The COVID-19 Impact
The COVID-19 outbreak has sent shockwaves across the globe. Experts even presume it to be the worst crisis the world has witnessed in recent past. The crisis was unprecedented, resultantly it crippled the manufacturing sector of some of the major economic powerhouses.
By the time the global economy recovers from the jolt, manufacturing is expected to be among the worst-hit sectors. The incredible slump in investment, subsequently revenue generated within the industry paints a gory picture.
The power sector too is no stranger to the crisis. It is reeling under payment delays and deficits. Government owned distribution companies are particularly hampered. Nationwide lockdowns have posed unique and devastating challenges. Liquidity crunch is threatening several companies within the industry.
Who is winning?
Leading companies operating in the power generator market have an impressive global presence backed a strong distribution and sales network. Because the market is fairly consolidated, Tier 1 companies are expected to account for the lion’s share.
Market players will primarily focus on expanding their global footprint and product portfolio. Considering this, besides mergers and acquisitions, product launches will remain highly preferred strategic moves among competitors.
FMI profiles some of the leading companies operating in the global market. These include
- Cummins Inc.,
- Caterpillar Inc.,
- Rolls-Royce Holdings plc,
- HIMOINSA,
- Harrington Generators International,
- Teknel srl,
- GRUPEL S.A.,
- VÝVOJ Martin,
- HITZINGER GmbH,
- Fischer Panda GmbH,
- Ascot Industrial S.r.l.,
- GREEN POWER SYSTEMS S.r.l.,
- Kohler Co.,
- Kirloskar Oil Engines Ltd., and
- Ausonia S.r.l.
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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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